Morning Report

Yesterday's closing was below the resistance for the main descending channel, yet we can see today's opening above this resistance, yet the SMA 50 and 38.2% Fibonacci correction offer strong resistance ahead for the pair accompanied by the negativity on Stochastic. Those facts combined support the likelihood for the downside move today targeting 0.9500 then 0.9445. We should pay attention that the breach of 0.9710 will fail our expectations and extend the upside correction due to the bullish pattern which was mentioned in our report yesterday.

The trading range for today is among the major support at 0.9445 and the major resistance at 0.9770.

The short term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.

Previous Report

Weekly Report

Support0.96200.95700.95000.94450.9400
Resistance0.96450.97100.97700.98450.9915
RecommendationBased on the charts and explanations above our opinion is selling the pair around with hourly closing below 0.9620 targeting 0.9445 and stop loss above 0.9710 might be appropriate today